A Bigger, Bolder Role for the IMF in ‘New Economic World Order’
20 Apr 09 | WaPo
Changes suggest shift in how global economy is run.
Inside a cavernous assembly hall in downtown Washington, dignitaries gather twice a year for routine meetings of the International Monetary Fund. Before long, though, the room could take center stage in the IMF’s transformation into a veritable United Nations for the global economy.
Surrounded by blond wood paneling and a digital screen the size of a cinema’s, central bankers and finance ministers would meet to convene a financial security council of sorts. Serving almost as ambassadors to the IMF, they would debate ways to put out the world’s economic fires and stifle reckless policies before they ignite new ones.
Bowing to a new economic world order, the IMF would grant fresh powers to the likes of China, India and Brazil. It would have vastly expanded authority to act as a global banker to governments rich and poor. And with more flexibility to effectively print its own money, it would have the ability to inject liquidity into global markets in a way once limited to major central banks, including the U.S. Federal Reserve. >>>